Ethereum is up 2.75% over the past day as the crypto market continues its 2025 price hike. Notably, data from the work of Ethereum investors shows a corresponding increase in bullish sentiment in anticipation of a further rise in the short term.
Ethereum Taker Buy Sell Ratio Nears 1, Bull Trend Set To Resume
In a quick post on CryptoQuant, market analyst ShayanBTC said that the Ethereum market may experience price growth based on the Taker Buy Sell Ratio – an important trading metric in the futures market used to measure the balance between aggressive buying and selling.
The Taker Buy Sell Ratio is used to measure market sentiment by showing whether buyers or sellers are aggressive in market orders. A ratio greater than 1 indicates that buyers are overselling them, while a ratio less than 1 indicates greater selling pressure.
Following Ethereum’s rebound from above $3,000, the measure recorded a significant increase in market buy orders. This development suggests that Ethereum traders are starting to expect price gains in the short term.
If Ethereum bulls can sustain the current uptrend, the altcoin is expected to return to $4,000 where it lies its next key resistance level. However, Shayan BTC notes that in order to confirm the bullish trend, the Taker Buy Sell Ratio should rise above 1, which indicates that buyers are controlling the market.
Altcoins Drop To Reach $2 Billion Valuation In Altseason
In other news, crypto analyst Michaël van de Poppe said that the altcoin market recently underwent a correction that reached an important support level. These digital coins are now in an upward bull trend as the altseason prepares to go into full effect. With the expected rise around the current bull cycle, van de Poppe predicts that the altcoin market could reach $2 trillion in valuation during the altseason.
As the largest altcoin by market cap, Ethereum will likely play a major role in fueling and directing the bullish momentum in the altcoin market at this time. Since Ethereum holds a 29.7% dominance in the altcoin market, the token’s market cap could reach about $594 billion during the altseason if van de Poppe’s prediction is true.
In context, the altseason is the period when altcoins (i.e. other cryptocurrencies besides Bitcoin) experience significant price gains and outperform Bitcoin in terms of growth percentage.
At press time, Ethereum is trading at $3,652 reflecting a 1.37% price gain in the last 24 hours. Meanwhile, the daily trading volume of the altcoin decreased by 25.76% and is estimated at $ 16.29 billion.
Featured image from FXStreet, chart from Tradingview